Government shut down and effects for home buyers and sellers

This is not the normal information that I wished to have to post in a blog, but due to what is happening right now I feel it is necessary to get the word out.While I understand and have seen on the web some local news have been reporting that the federal loan programs will be shut down making it difficult to buy or sell a home I have received information from one of our local lenders here to the contrary please call your local lenders and get the truth before believing the media, they just want to cause people to be afraid and thus truly re-crash our economy. Please take a moment to read the email that was sent to me.

Hi Tami,

Unlike the Federal Government, PNC Mortgage is open for business. See below for status:
The federal government “shutdown” on October 1, 2013. PNC Mortgage offers a number of programs and products that may be or will be impacted by this interruption.

The good news is that the majority of the programs our customers utilize will experience very little or no impact. FHA, VA, Fannie Mae, and Freddie Mac lending programs will still be available. PNC Loan Officers will continue to take new applications and we will process, approve, and close these loans for our customers.

Unfortunately, we are forced to suspend Rural Housing program applications until further notice. Also, we expect to see a minor impact as a result of limited capacity at the IRS (see 4506T statement below).

Should the crisis be resolved, further communication will be provided.

Fannie Mae and Freddie Mac
Both GSEs will be open for business as usual during the shutdown.

FHA
FHA Lender Insurance will be available as long as there is commitment authority.
CAIVRS functionality will be available.
FHA Connection will be available.
Lenders will be able to obtain case numbers.
Total Scorecard will be available.
Upfront MIP payment will be available.

VA
VA will be open for business as usual during the shutdown.

Rural Housing
Suspension of new Rural Housing applications – October 1, 2013.
Loan applications take on or after October 1, 2013 will be denied.
Rural Housing will not issue Loan Note Guarantees during the shutdown nor will they issue new commitments.
Rural Housing will not operate GUS, its automated underwriting system, during any shutdown.

IRS
4506T requests for tax transcripts will not be fulfilled. The condition will be waived by Underwriting Managers for loans that will close during the shutdown.

Mark Orloff
NMLS ID # 633543
Senior Loan Officer, serving Napa, Sonoma and Solano Counties
PNC Mortgage, a division of PNC Bank, NA

The PNC Financial Services Group
575 Market Street, 29th Floor
San Francisco, CA 94105
707-287-6497-Direct
855-875-0652 Right Fax
Mark.Orloff@pncmortgage.com

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Tami L. Merriam
BRE # 01936304
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